• vacation layaway

CNN Money: Vacation Layaway

CNN Money  |  June 30, 2012

Plenty of deal sites offer cheap vacations. And now, Sears is getting into the game by offering not just cheap vacations, but layaway payment options. Travelers should think twice.

From the article:

Think twice before booking: Certified financial planner Lauren Lyons Cole said consumers should think twice before putting a vacation on layaway.

“I always encourage people to prioritize travel into their financial plan,” Lyons Cole said. “That said, putting it on layaway is something I would never recommend.”

She advises that cash-strapped vacationers seek out the best possible deals and set a budget. Once that’s established, the personal finance expert says to start saving for the trip in a separate bank account, so in case there’s an emergency — like a broken car or an unexpected visit to the hospital — you can always dip into the travel funds.

“Hopefully they’ll get to their goal, but if something else came up, they can use that money toward something that they actually needed… as opposed to being stuck paying for this vacation at Sears, which becomes less important,” Lyons Cole said. “It’s good for people to have control over their own money.”

“It’s good for people to have control over their own money.”